The following items are from Asad Corporation on December 31, 1997. Assume a flat 40% corporate tax rate on all items, including the casualty loss. Sales Rs 660,000 Rental Income 3,600 Gain on the sale of fixed assets 3,000 General and Administrative Expenses 110,000 Selling Expenses 97,000 Interest Expense 1,900 Depreciation for the period 10,000 Extraordinary item (Casualty loss-pretax) 30,000 Cost of Sales 300,000 Common Stock (30,000 shares) 150,000 Required: Prepare a single-step income statement for the year ended December 31, 1997. Include earnings per share for earnings before extra ordinary items and net income.
The following items are from Asad Corporation on December 31, 1997. Assume a flat 40% corporate tax rate on all items, including the casualty loss.
Sales Rs 660,000 Rental Income 3,600
Gain on the sale of fixed assets 3,000 General and Administrative Expenses 110,000
Selling Expenses 97,000 Interest Expense 1,900
Cost of Sales 300,000 Common Stock (30,000 shares) 150,000
Required: Prepare a single-step income statement for the year ended December 31, 1997. Include earnings per share for earnings before extra ordinary items and net income.
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